According to a Square D publication (M-659 dated 5/87):
"Placement of the overload relay to the left of the coil was required by JIC and the automotive manufacturers for many years. NEMA has recommended placement to the right of the coil for many years. The NEC has no requirement one way or the other. All arguments against one position or the other, except in the case of reversing or multi-contactor controllers, are based upon a ground or a short circuit in an area of the controller circuitry in which it is not likely to occur.
In the reversing or other multi-contactor controller situation, the arguments against left mounting are compelling, since left of coil placement would require multiple normally closed overload contacts or an additional control relay circuit."
Concerning placement on the left of the coil, the publication also notes: "... short circuit current could weld overload contact closed. If not replaced it will not function in future overload situations."